Recently, Guangzhou-based start-up Xpeng Motors fetched $400 Million from financiers as it aims to improve the manufacture of its latest models and earn a bigger slice of China’s fast-budding electric vehicle market. Chinese smartphone-manufacturer Xiaomi is one of the financiers. Earlier this year, CNBC stated that Xpeng was seeking fresh funding for growth. Due to administration support counting subsidies for firms that make the new energy vehicles, China has reported a boom in electric car start-ups. It has gained a lot of capitalization in the sector. Nonetheless, Xpeng’s funding came when the administration is curbing those subsidies with the aim of possibly reducing them.
Xpeng has released and began deliveries of a model G3 SUV. During April, the firm also disclosed a sedan P7. The Chinese auto manufacturer has been seeking to ramp up the output and deliveries of its cars. The firm intends to release the P7 sedan in spring 2020 and will begin delivery in the second quarter in 2020. Xpeng and Xiaomi will function together on advancing technologies, as stated by the companies. In a press release, He Xiaopeng—CEO of Xpeng Motors—stated, “Xiaomi’s insights and experience in consumer behavior, market trends, and technology know-how can add great value to what the company plans to achieve.”
Similarly, Tesla was in news as its CEO Elon Musk publicized intends for fourth industrial unit and design center near Berlin. CEO Musk made it official that the electric car company plans to construct a “Gigafactory,” and design and engineering center in Berlin, Germany. The unit will be Tesla’s fourth, after the first Gigafactory battery facility in Nevada; a factory that produces power electronics and charging equipment in New York, with intends to manufacture Tesla Solar Roof tiles there in the future; another car unit that is coming online in Shanghai.
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